Should I Buy or Lease?

Man and Woman Signing Contract

 

The finance experts at Riverside Kia are often asked, “Should I buy or lease?” There really is not a one-size-fits-all answer to this question. While neither path is ‘better’ than the other, one will likely be a better match for your driving needs and budget. 

Before you decide on a financial plan for your next vehicle, compare the pros and cons of leasing vs. buying with Riverside Kia. We have created a handy guide worth checking out below. 

Leasing vs. Buying: Monthly Payments

  • If you decide to lease your next vehicle from us, you will generally enjoy lower monthly payments. However, if you continue to lease over and over once the terms of each lease are complete, you will constantly have a car payment. 
  • While financing may have slightly higher monthly payments, once the car is paid off, you are free from those monthly payments until you decide the vehicle no longer suits you. 

Leasing vs. Buying: Mileage Restrictions

  • When you finance,you are free from mileage restrictions. Drive as much as you want around Corona and Fontana without worrying about penalties. 
  • If you lease, you are limited to driving a set amount of miles by your lease contract. If you go over that amount, you will be charged a fee. 

Leasing vs. Buying: Customization

  • If you like the freedom of customization, you will want to finance your vehicle. Add accessories, change the color, or upgrade the sound system. The possibilities are endless.
  • If you lease, your vehicle will need to remain as close to factory condition as possible. This is because when the terms of the lease are complete, you bring the vehicle back to the dealership to be resold. 

Leasing vs. Buying: Processes

  • Financing is flexible. You have the ability to sell the car at any time. You may be able to refinance for a lower rate down the line. The vehicle is also yours for as long as you want it. 
  • Leasing is convenient. If you like the idea of driving a brand new car every couple of years, leasing makes it much easier to do so. 

Learn More About Your Options with Riverside Kia

Should I buy or lease? The choice really comes down to which method best suits your driving needs and budget. If you have additional questions, do not hesitate to contact us for more information. You can also visit us in person near San Bernardino.

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